Over 1.1 billion lei were paid by NN to insurance and private pension customers în Romania in 2024

Insurance and private pensions continue to be one of the most relevant solutions people can rely on for financial support in unforeseen moments and for a better financial situation at retirement. NN insurance customers and private pensions participants received a total of 1.15 billion lei from their products in 2024, up by 17% compared to the previous year. The benefits paid contribute to reducing the customers’ protection gap and to increase their revenue replacement rate at retirement through private pensions.   NN recorded solid financial results across all business lines in 2024, continuing to ensure financial strength and stability, operational efficiency and digital transformation. This allows the company to provide customers meaningful financial support in the moments in life when they need most and better protection through insurance solutions tailored to their needs and lifestyles.   In the life and health insurance segment, NN Asigurari de Viata S.A paid customers total benefits of over 630 million lei last year, 8% more than in 2023, according to unaudited financial statements for 2024. Payments represent unplanned expenses covered by a medical insurance or benefits paid to clients going through an insured health problem, financial support in case of death for the family or loss of income, as well as benefits accumulated through insurance products with savings or investment components.   In addition, in the home insurance segment, NN Asigurari S.A paid almost 6 million lei to customers who faced damages or other covered situations related to their homes. “Insurance solutions have a critical role in unforeseen moments in life, providing families financial stability and support to navigate the situation easier, without straining their personal budgets, and a relevant option for long-term savings and investments that allow them to build a more secure financial future. Through the benefits paid, NN contributes to reducing clients’ protection gap, which is today higher than ever at 154,000 lei, according to UNSAR data published this year, representing the amount a family would need to maintain their standard of living when something happens.   In addition, we focus on delivering excellent interactions with their products, as part of our strategy to be a future ready industry leader known for excellent customer experience, talented professionals and meaningful contributions to society. This is why we will continue to heavily invest in our digital transformation, operational optimization and innovative product portfolio”, says Kuldeep Kaushik, CEO NN Asigurari de Viata.   NN Asigurari de Viata S.A recorded gross written premiums of almost 1.15 billion lei in 2024, up by 12.7% compared to the previous year. The company had almost 5.1 billion lei in financial assets under management at the end of 2024 and had a gross profit of 83.3 million lei, down by about 30% mainly on account of the significant investments made, according to unaudited financial statements for 2024.   In the voluntary private pensions segment 1 managed by NN Asigurari de Viata S.A, the company continued to support participants save more for retirement and benefit from their savings. NN paid about 90 million lei to the over 6,000 participants in the NN Activ and NN Optim funds who met the requirements to benefit from their Pillar III pension in 2024, amount 48% higher compared to 2023, according to unaudited financial statements.   Net assets under management surpassed 3.1 billion lei at the end of last year, cumulatively for the NN Activ and NN Optim funds, 17.5% above the level in 2023, representing a 56.4% market share as per the Financial Supervisory Authority’s (FSA) data at the end of December 2024. The growth comes both from accumulated contributions and the investment performance generated for the participants’ benefit. NN Activ recorded a 6.7% annualized return and NN Optim a 6.3% annualized return since launch in 2007 to the end of 2024, according to calculations based on FSA data, above the 4.5% annualized inflation in the same period.   The two managed funds had over 356,000 participants at the end of last year, equivalent to 42.83% of the total number of Pillar III participants.In the mandatory private pensions segment 2 managed by NN Pensii SAFPAP S.A., the company paid 429 million lei to more than 22,600 participants who met the requirements in 2024 to benefit from their Pillar II pension, amount almost 28% higher compared to the previous year, according to unaudited company data.   Net assets managed by NN Pensii SAFPAP S.A. surpassed the 50 billion lei milestone for the first time in 2024, reaching close to 50.1 billion lei at the end of last year, up 18%, representing a 33.8% market share, according to the Financial Supervisory Authority’s (FSA) data at the end of December 2024. The managed fund had 2.1 million participants at the end of last year, equivalent to 25.56% of the total number of Pillar II participants and generated a 7.95% annualized investment performance for its participants since launch (2008-end of 2024), according to calculations based on FSA data at the end of December 2024, above inflation in the same period.   “Demographic trends, the projected decline of the revenue replacement rate through public pensions from 43% to 30% in 2042, based on the latest CFA Romania study published this year, and the increase in cost of living emphasize the importance of securing additional means of revenue at retirement age. A good retirement plan starts as early as the first job and works best when it is built on multiple savings instruments. Private pensions are therefore more relevant than ever in people’s efforts to secure a better financial future and the results achieved in 2024 confirm healthy evolutions and a growing impact in people’s lives”, says Gerke Witteveen, CEO of NN Pensii.   Beyond the impact in its customers’ lives, NN also has a significant contribution in the economy, as well as in the health and wellbeing of the communities it is part of. In 2024, NN Asigurari de Viata S.A. and NN Pensii SAFPAP S.A. paid total contributions of almost 112 million lei to the state budget and invested over 3.5 million lei in relevant social initiative focusing on health, education and financial inclusion, according to unaudited financial data. Through its contributions in society, NN supported the physical, emotional and financial wellbeing of people and communities, impacting the lives of over 21,000 people.   About NN   NN is a financial services group that offers insurance products and private pensions helping people protect what matters most to them. NN started operating in Romania in 1997, as the first international life insurance company to enter the local market. NN is also present in the private pensions market, has expanded in the health insurance segment in 2016 and starting 2020 also offers home insurance.   In Romania, NN is represented by NN Asigurari de Viata S.A. through which it offers life and health insurance and voluntary private pensions, NN Pensii SAFPAP S.A. through which it offers mandatory private pensions and NN Asigurari S.A. through which it offers general insurance except auto.   Today, through all local companies, NN has about 500 employees and 1,700 financial consultants and managers in its sales force that support, together, more than 2.3 million insurance and pension customers to protect everything that matters most to them and secure a better financial future.   NN is part of NN Group, an international financial services company, active in 10 countries, with a strong presence in a number of European countries and Japan. With all its employees, NN Group provides retirement services, pensions, insurance, banking and investments to approximately 19 million customers. NN Group includes Nationale-Nederlanden, NN, ABN AMRO Insurance, Movir, AZL, BeFrank, OHRA and Woonnu. NN Group is listed on Euronext Amsterdam (NN).